MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARSHVA CO., LTD. |
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Registered Office : |
9th Floor, Navarat
Mansion Building, 223/38 Nares
Road, Siphaya, Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
22.07. 2003 |
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Com. Reg. No.: |
0105546085907 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Distributor of Diamonds, Gemstones
and Jewelry |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
PARSHVA CO., LTD.
SUMMARY
BUSINESS ADDRESS : 9th FLOOR,
NAVARAT MANSION BUILDING,
223/38 NARES
ROAD, SIPHAYA, BANGRAK,
BANGKOK 10500
TELEPHONE : [66]
2631-8374, 2635-7760
FAX : [66] 2237-2760
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 2003
REGISTRATION NO.
: 0105546085907
CAPITAL REGISTERED
: BHT. 2,000,000
CAPITAL PAID-UP
: BHT. 2,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. PRANAY
RASIKLAL MEATA, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 3
LINES OF
BUSINESS : DIAMONDS, GEMSTONES AND JEWELRY
IMPORTER AND
DISTRIBUTOR
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : FAIR
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH FAIR PERFORMANCE
HISTORY
The
subject was established
on July 22,
2003 as a
private limited company
under the name
style PARSHVA CO.,
LTD., by Thai and
Indian groups, in
order to import
and distribute diamonds,
gemstones and jewelry
in gold, platinum
to local market.
It currently employs
approximately 3 staff.
The
subject’s registered address
was initially located
on 11th Floor,
Room D-2, Surawongwattanakarn Bldg.,
322/16 Surawong Rd.,
Siphaya, Bangrak, Bangkok.
On
January 17, 2008,
subject’s registered address
was relocated to
9th Floor, Navarat
Mansion Bldg., 223/38
Nares Rd., Siphaya,
Bangrak, Bangkok 10500,
and this is
the company’s current
operation address.
THE BOARD OF DIRECTOR
|
Name |
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Nationality |
Age |
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Mr. Pranay Rasiklal
Meata |
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Indian |
40 |
|
Mrs. Sheetal Pranay
Mehta |
|
Indian |
38 |
|
Mr. Rasiklal Mulchand
Mehta |
|
Indian |
75 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject’s with company’s
affixed.
MANAGEMENT
Mr. Pranay Rasiklal
Meata is the Managing
Director.
He is Indian nationality with
the age of
40 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing loose
diamonds, gemstones and
various styles of
diamond jewelries in
silver, platinum settings.
PURCHASE
Diamonds, gemstones and
jewelry are purchased
from both local
and overseas suppliers in India, Pakistan, Belgium,
Africa and Japan.
SALES
100% of the
products is sold
locally to manufacturers, wholesalers and end-users.
SUBSIIDARY AND
AFFILIATED COMPANY
The subject is
not found to have
subsidiary nor affiliated
company here in
Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at
Legal Execution Department
for the past
five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are
paid by cash
or on the credits term
of 30-60 days.
Imports are by
T/T.
BANKING
Bangkok Bank Public
Co., Ltd.
EMPLOYMENT
The
subject employs 3
staff. [office staff
and sales staff]
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in
commercial/residential area.
COMMENT
The
subject was formed
in 2003 as
an importer and distributor of diamonds, gemstones
and jewelry. Its
products are for
local market. Its
sales has significantly dropped since 2006,
this was due
to economic uncertainties has resulted to
slow consumption and
consumer’s spending. Jewelry
business growth is
likely sluggish causing
by low purchasing power from
middle income segment.
FINANCIAL INFORMATION
The
capital was registered
at Bht. 2,000,000 divided into
20,000 shares of
Bht. 100 each
with fully paid.
MAIN SHAREHOLDERS
[as at
April 30, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
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Mr. Pranay Rasiklal
Meata Nationality: Indian Address : 293/20
Surawong Rd., Suriyawong, Bangrak, Bangkok |
9,800 |
49.00 |
|
Mr. Alongkorn Kebboonkerd Nationality: Thai Address : 109
Moo 2, Taladchaiya, Chaiya, Suratthani |
2,000 |
10.00 |
|
Mr. Chatree Pooeiam Nationality: Thai Address : 46
Moo 12, Yothaka,
Bangnampreaw,
Chachoengsao |
2,000 |
10.00 |
|
Mr. Prasert Boonmalert Nationality: Thai Address : 30/1
Moo 12, Yothaka,
Bangnampreaw, Chachoengsao |
2,000 |
10.00 |
|
Mr. Sompoach Cherdrasamee Nationality: Thai Address : 34
Krungkasem Rd., Klongmahanak,
Pomprabsattrupai, Bangkok |
1,400 |
7.00 |
|
Mr. Kamphol Kongkaew Nationality: Thai Address : 34
Krungkasem Rd., Klongmahanak,
Pomprabsattrupai, Bangkok |
1,400 |
7.00 |
|
Mr. Pisanu Trisingh Nationality: Thai Address : 77
Krungkasem Rd., Klongmahanak,
Pomprabsattrupai, Bangkok |
1,400 |
7.00 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO. :
Mrs. Vasana Tanmongkol
No. 1888
BALANCE SHEET [BAHT]
The
latest financial figures
published for December
31, 2006 & 2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
418,109.82 |
118,083.14 |
|
Trade Accts. Receivable |
4,921,181.24 |
3,864,714.10 |
|
Inventories |
5,823,200.20 |
6,971,667.54 |
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Total Current Assets
|
11,162,491.26 |
10,954,464.78 |
|
|
|
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Fixed Assets |
14,378.89 |
19,978.89 |
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Total Assets |
11,176,870.15 |
10,974,443.67 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
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Trade Accts. Payable |
397,524.34 |
- |
|
Payable Loan Director |
8,600,000.00 |
8,700,000.00 |
|
Pre-receipt Goods |
351,076.45 |
- |
|
Other Current Liabilities |
28,356.95 |
83,176.36 |
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Total Current Liabilities |
9,376,957.74 |
8,783,176.36 |
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Total Liabilities |
9,376,957.74 |
8,783,176.36 |
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Shareholders' Equity |
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 20,000 shares |
2,000,000.00 |
2,000,000.00 |
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Capital Paid |
2,000,000.00 |
2,000,000.00 |
|
Retained Earning - Unappropriated |
[200,087.59] |
191,267.31 |
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Total Shareholders' Equity |
1,799,912.41 |
2,191,267.31 |
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Total Liabilities &
Shareholders' Equity |
11,176,870.15 |
10,974,443.67 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
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|
|
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Sales Income |
7,817,132.04 |
21,206,810.37 |
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Total Revenues |
7,817,132.04 |
21,206,810.37 |
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Expenses |
|
|
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Cost of Goods
Sold |
6,202,430.46 |
19,264,652.36 |
|
Selling & Administrative Expenses |
1,639,068.19 |
1,522,051.67 |
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Loss on Exchange Rate |
338,104.54 |
100,192.24 |
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Total Expenses |
8,179,603.19 |
20,886,896.27 |
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Profit / [Loss] Before Interest
Expenses |
[362,471.15] |
319,914.10 |
|
Income Tax |
[28,883.75] |
[51,677.35] |
|
Net Profit / [Loss] |
[391,354.90] |
268,236.75 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
[63.14] |
|
|
Operating Profit |
[115.73] |
|
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Net Profit |
[245.90] |
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|
Fixed Assets |
[28.03] |
|
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Total Assets |
1.84 |
|
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Profitability |
|
|
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Cost of Good
Sold |
79.34 |
90.84 |
|
Operating Profit Margin |
[0.31] |
1.98 |
|
S & A
Expenses |
20.97 |
7.18 |
|
Net Profit Margin |
[5.01] |
1.26 |
|
Earning Per Shares |
[19.57] |
13.41 |
|
No. of Shares |
20,000 |
20,000 |
Net Sales was
decreased by 63.14%,
Operating Profit was
decreased by 115.73%,
Net Profit was
decreased by 245.90%,
Fixed Assets was
decreased by 28.03%,
Total Assets was
increased by 1.84%.
Compare each cost
with sales, Cost of
Good Sold was
decreased from 90.84%
to 79.34%, Operating
Profit Margin was
decreased from 1.98%
to -0.31%, S
& A Expenses
was increased from
7.18% to 20.97%,
Net Profit Margin
was decreased from
1.26% to -5.01%.
Earning Per Shares
was decreased from
13.41 baht per
share to -19.57
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.19 |
1.25 |
|
Quick-Assets Ratio |
0.57 |
0.45 |
Current Ratio was decreased from
1.25 to 1.19,
show Current Assets
can cover Current
Liabilities, Liquidity Ratio
of the company was good,
Quick-Assets Ratio was
increased from 0.45
to 0.57, capacity
to pay Short Term Loan
was not good,
because Current Assets
without Inventory can
not cover Current
Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
5.21 |
4.01 |
D/E Ratio was
increased from 4.01
to 5.21, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is high.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
543.65 |
1,061.46 |
|
Total Assets Turnover |
0.70 |
1.93 |
|
Return on Assets |
[3.50] |
2.44 |
|
Return on Equity |
[21.74] |
12.24 |
|
Day's Payable |
18.31 |
0.00 |
|
Day’s Inventories |
268.17 |
118.35 |
|
Day’s Receivables |
226.63 |
65.61 |
Fixed Assets Turnover
was decreased from
1,061.46 times to
543.65 times, Total
Assets Turnover was
decreased from 1.93
times to 0.70
times, show the
company could not
use Assets so
efficiently, Return on
Assets was decreased
from 2.44 to
-3.50, Return on
Equity was decreased
from 12.24 to
-21.74, capacity to
use Assets to
make profit was
not good.
Day's Payable was
increased from 0
days to 19
days, Day’s Inventories
was increased from
119 days to
269 days, and
Day’s Receivables was
increased from 66
days to 227
days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)